Ligand Pharmaceuticals Incorporated announced the pricing of $400.0 million aggregate principal amount of 0.75% convertible senior notes due 2030 in a private placement. The notes will be general unsecured, senior obligations of Ligand and will accrue interest at a rate of 0.75% per annum, with maturity on October 1, 2030. The net proceeds from the offering are estimated to be approximately $386.9 million, with intended use for convertible note hedge transactions and repurchasing shares of its common stock. Holders may convert their notes under certain circumstances and Ligand may redeem the notes on or after October 6, 2028.

In connection with the pricing of the notes, Ligand entered into convertible note hedge transactions and warrant transactions with certain financial institutions. The strike price of the warrants will initially be $294.02 per share. Ligand expects to use a portion of the net proceeds to repurchase shares of its common stock from certain purchasers of the notes. The press release contains forward-looking statements and actual results may differ materially due to various risk factors. Ligand is a biopharmaceutical company focused on supporting the clinical development of high-value medicines through financing and licensing its technologies.

Investors can contact Melanie Herman at [email protected] or (858) 550-7761, while media inquiries can be directed to Kellie Walsh at [email protected] or (914) 315-6072.

Read more at GlobeNewswire: Ligand Announces Pricing of $400 Million Convertible Senior